The invention provides thermoplastic starch (TPS), which comprises the following ingredients: 20 to 80 weight parts of starch, 5 to 40 weight parts of biodegradable polyester prepolymers, 0.01 to 10 weight parts of reaction active agents, 0.01 to 10 weight parts of catalytic devitalizing agents, 0.01 to 1.0 weight part of antioxidant and 5 to 50 weight parts of auxiliaries, wherein the molecular weight of the prepolymer is 10,000 to 100,000 Daltons, the viscosity number range is 0.30 to 1.2 deciliters per gram and is measured through a Ubbclohde viscosity method, the melting point range is 60to 180 DEG C, and the end reaction group content is 1.0 to 20.0 meq / Kg and is measured by an end group titration method. The invention also provides a biodegradable polyester / starch composite material containing the thermoplastic starch and a preparation method thereof.